Academic Commons Search Resultshttps://academiccommons.columbia.edu/catalog?action=index&controller=catalog&f%5Bauthor_facet%5D%5B%5D=Sachs%2C+Jeffrey+D.&f%5Bsubject_facet%5D%5B%5D=Latin+American+studies&f%5Bsubject_facet%5D%5B%5D=Economics&format=rss&fq%5B%5D=has_model_ssim%3A%22info%3Afedora%2Fldpd%3AContentAggregator%22&q=&rows=500&sort=record_creation_date+desc
Academic Commons Search Resultsen-usThe Big Push, Natural Resource Booms and Growthhttps://academiccommons.columbia.edu/catalog/ac:123722
Sachs, Jeffrey D.; Warner, Andrew M.http://hdl.handle.net/10022/AC:P:8185Thu, 01 Oct 2009 15:43:28 +0000A simple application of big-push reasoning suggests that natural resource booms can be important catalysts for development in poorer countries. In this paper we present evidence from seven Latin American countries that natural resource booms are sometimes accompanied by declining per-capita GDP. We present a model with natural resources, increasing returns in the spirit of big push models, and expectations to clarify some of the reasons this may happen.Economics, Latin American studiesjs2201Earth Institute, Economics, International and Public Affairs, Health Policy and ManagementArticlesDefault and Renegotiation of Latin American Foreign Bonds in the Interwar Periodhttps://academiccommons.columbia.edu/catalog/ac:123930
Jorgensen, Erika; Sachs, Jeffrey D.http://hdl.handle.net/10022/AC:P:8243Tue, 29 Sep 2009 14:42:35 +0000This paper examines the patterns of defaults, renegotiations, and final settlements on foreign borrowing of several Latin American governments in the interwar period. One goal of the paper is to provide a detailed historical account of the borrowing and renegotiation experience of five Latin borrowers (Argentina, Bolivia, Chile, Colombia, and Peru). Another goal is to provide a quantitative assessment of the amount of debt relief that was implicit in the negotiated settlements of the defaults that were reached in the 1930s and 1940s. In general, the pattern of default and renegotiation resulted in substantial, though not complete, debt relief, in the sense of reducing the present value of debt repayments from the sovereign borrower to the bondholders.Economics, Finance, Latin American studiesjs2201Earth Institute, Economics, International and Public Affairs, Health Policy and ManagementWorking papersBolivia's Economic Crisishttps://academiccommons.columbia.edu/catalog/ac:124065
Morales, Juan Antonio; Sachs, Jeffrey D.http://hdl.handle.net/10022/AC:P:8053Tue, 29 Sep 2009 14:37:22 +0000By any standard, Bolivia's economic crisis in the 1980's has been extraordinary. Like its neighbors. Bolivia suffered from major external shocks, but the extent of economic collapse in the face of these shocks (including a hyperinflation during 1984-85) suggests that internal factors as well as external shocks have been critical to Bolivia's poor economic performance. One major theme of our work is that the recent economic crisis in Bolivia is a reflection of political and economic conflicts in Bolivian society that have undermined the development process throughout this century. While major reforms have been begun by the present government, many of the deepest problems in Bolivian society that contributed to the crisis remain unresolved.Economics, Latin American studiesjs2201Earth Institute, Economics, International and Public Affairs, Health Policy and ManagementWorking papersThe External Debt Problem in Central America: Honduras, Nicaragua, and the HIPC Initiativehttps://academiccommons.columbia.edu/catalog/ac:123776
Esquivel, Gerardo; Larraín B., Felipe; Sachs, Jeffrey D.http://hdl.handle.net/10022/AC:P:8067Mon, 28 Sep 2009 12:47:40 +0000This paper reviews the foreign debt burden in Central America with special emphasis on Honduras and Nicaragua, which have a large debt overhang. Several indicators suggest that this foreign debt seriously impedes economic growth in both nations. Honduras and Nicaragua, the poorest countries of Central America, have lagged behind the rest of the region in growth, resulting in an increase in regional income inequality during the 1990s. Analysis suggests that Honduras and Nicaragua require alleviation of their foreign debt as a prerequisite to sustained growth. This paper also evaluates the prospects of these countries to qualify for the new initiative aimed at reducing the debt burden of the highly indebted poor countries (the so-called HIPC Initiative). It concludes that Honduras and Nicaragua have favorable prospects of qualifying for the HIPC Initiative. In general, both countries meet the eligibility criteria. Honduras and Nicaragua face a higher foreign debt burden than three countries that have already qualified for HIPC treatment. The main obstacle, however, is demonstrating successful macroeconomic performance under the supervision of the IMF. The paper ends with a discussion of the strategy that these countries should follow in order to achieve maximum debt relief.Finance, Economics, Latin American studiesjs2201Earth Institute, Economics, International and Public Affairs, Health Policy and ManagementWorking papers